Washington, D.C.— U.S. Representative Andy Barr (KY-06), U.S. Representative French Hill (AR-02) and U.S. Representative Bill Huizenga (MI-02) issued the following statement today after Securities and Exchange Commission (SEC) Chairman Gary Gensler indicated that he’s directed the SEC “to develop a mandatory climate risk disclosure rule proposal for the Commission’s consideration by the end of the year.”
“Before requiring any type of climate risk disclosure from public companies, the SEC needs to examine the inconsistencies and methodologies related to measuring climate risk. As we have said in hearings, interviews, and on the House Floor, without proper metrics, we’re putting the cart before the horse. We have no problem if a company wants to disclose climate risk. Our issue is that the government should not be mandating what companies should and should not disclose, because if climate poses a material risk to a company, it should already disclose those risks. Understanding the metrics is far more important than rushing into Chairman Gensler’s arbitrary deadline.”